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Having departed Pakistan on Saturday just as the US was preparing to send emissaries to discuss the war, Iranian Foreign Minister Abbas Araghchi eventually popped up for talks with Vladimir Putin in St. Petersburg, where he said Tehran is committed to strengthening its partnership with Moscow. Araghchi’s geopolitical chess move came after a dissonant weekend of potential feints and false starts in the effort to end the US-Israel war with Iran. As news broke that the Iranian official was leaving Islamabad, Trump announced he was canceling the trip by Steve Witkoff and Jared Kushner, in part because the US “has all the cards.” 
Abbas Araghchi
Photographer: Dado Galdieri/Bloomberg
Iran has told Pakistan, which is operating as an intermediary, that it would cease obstruction of the Strait of Hormuz if the US ended its naval blockade of Iranian shipping. Under its plan, negotiations over Iran’s nuclear research would be dealt with later, Axios reported. While the White House said it hasn’t changed its position on “red lines” associated with Iran’s atomic program, the administration said it was nevertheless discussing the Iranian proposal. None of this back and forth sat well with energy markets Monday, the eve of the war’s two-month anniversary. Brent crude prices rose for a sixth straight session to settle above $108 a barrel. And at least one European leader angered by the high energy prices the continent is paying thanks to the conflict was less than diplomatic in his assessment. The US “is being humiliated by the Iranian leadership,” German Chancellor Friedrich Merz said Monday, adding he didn’t see “what strategic exit the Americans are now choosing.” Tehran’s negotiators, the German leader said, are proceeding “very skillfully—or indeed very skillfully not negotiating.” What You Need to Know TodayBillionaire Bill Ackman’s initial public offering of his closed-end fund and his alternative asset management company is expected to raise about $5 billion, according to people familiar with the matter, the low end of the targeted fundraising range. The IPO would bolster Ackman’s shift in recent years toward a more permanent base of capital, letting him pick winners and allow them to bloom without worrying about investors yanking their money. His alternative asset manager has roughly $30.7 billion in total assets under management, with $20.7 billion of that in fee-paying assets as of the end of 2025, according to a Pershing Square Inc. filing. Less than two years after launching his multistrategy hedge fund, industry veteran Bobby Jain has concluded that collaboration—not competition—is his best shot at survival in a world already owned by the likes of Millennium and Citadel. 
Bobby Jain
Photographer: Patrick T. Fallon
Jain Global, which has about $6 billion under management, has struck a deal that will see the firm return all external cash and manage money exclusively for Millennium, the hedge fund giant run by billionaire Izzy Englander. “This reflects how competitive the environment has become,” said Manu Sai Bakshi, founder of recruitment firm Preeminence Advisors. “Even highly regarded managers are choosing platform alignment over going it alone, given the rising cost of talent, infrastructure and capital.” Microsoft and OpenAI have agreed to drop the software giant’s exclusive right to sell OpenAI’s artificial intelligence models, opening the door for the maker of ChatGPT to pursue deals with cloud-computing rivals like Amazon. The new pact is meant to simplify a complicated relationship that has been foundational to OpenAI’s rise and the broader AI boom. OpenAI has since pursued deals with multiple cloud providers, including Amazon, to meet its growing computing needs to build and serve AI software to a wider audience. Mexico arrested a senior underworld figure with a $5 million bounty on his head who was sought for crimes including drug trafficking and defrauding US pensioners. Authorities say Audias Flores Silva is a member of the Jalisco Nueva Generacion cartel, one of the Mexico’s most powerful criminal organizations, who oversaw operations in states along the Pacific coast. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% offWhat You’ll Need to Know TomorrowFor Your CommuteRussia-based groups have been found to be spreading disinformation for decades. Now a new one is capitalizing on AI to more effectively sow doubt and chaos. Bloomberg Investigates reports on Storm-1516.  
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OpenAI’s missed goals
Bloomberg Morning Briefing Americas ...